Selling Your Property Without Hassle
Investing in real estate properties is more often than not, a very good investment decision to make because of its increasing value throughout the years. Of course, you have to know the perfect time to buy a property, and also know precisely when to sell it to get the maximum value yields for your money. There also be a time in your life wherein you would need to move into a new place or a new home. When the time comes that you would have to sell your property, have you thought about being fully informed and knowledgeable about the specific steps you would have to do from start to end? Have you considered that there are certain legalities involved when you are selling a real estate property? If the answers to these questions never crossed your mind and if you are looking into selling a property soon, then the best option for you to consider is to hire a conveyancing solicitor to help you get the job done.
Who exactly are conveyancing solicitors, and why do you need them? Conveyancing is actually an integral part of the buying or selling process of real estate properties. Your conveyancing solicitor would be hands-on in helping you with the settlement and negotiations with your buyer, and as well as the process of transferring the title to your respective and chosen buyer. They will make sure that you are able to meet all of the legal obligations necessary for the transaction and at the same time, make sure that all of your legal rights are protected. Since a legally binding document such as a Contract of Sale will be utilised for the transaction, each party – both the buyer and the seller, are required to have their own conveyancing solicitor to represent them throughout the transaction. The solicitor’s ultimate job is to legally and smoothly transfer the ownership of the property from you as the seller, to your client as the buyer. His or her job will begin once an offer is to be considered and will only end once the key to the property is with its respective owner.
Contract and Negotiations
As the seller, you and your conveyancing solicitor would be responsible for drafting the Contract of Sale. During this time where the contract is being drafted, your solicitor must be in continuous communication with the buyer’s solicitor so that negotiations would not be put into a halt and there would not be any cause of delay for the completion of the transaction. The seller and the buyer, through their respective solicitors, must agree to the terms and conditions to be stated in the contract. The parties involved should agree on the following:
- Date of the completion of the transaction which usually lasts for 7 up to 28 days after the contracts have been given to each other;
- If there are fixtures and fittings to be included in the sale price, what would these be, and if it would not be included, how much would be added to the initial sale price given for the property;
- If there are any issues raised by the surveyor, who is responsible for fixing this or paying for it.
Finalisation and Completion
Once the Contract of Sale has been finalised and both parties have agreed to sign it, the buyer should immediately pay the deposit agreed upon on, which usually amounts to 10% of the price of the property. Until the transaction is finalised and completed, you as the seller, are still considered to be the legal owner of the property, so there would be no need for you to pack your bags at this point. But of course, leaving last-minute could only be a hassle, so preparing beforehand would still be best. This would also give you time to ensure that everything is okay and in place. Once you hand over the key to the real estate agent, as well as any spare set of keys that you have for the property, your conveyancing solicitor could collect the outstanding balance the buyer owes you of the sale price. Your solicitor would also be responsible for giving all of the legal documents to prove the new ownership of the property and to pay off your mortgage using the profit you got from the sale. Only when the buyer receives the keys from the estate agent and the legal documents from your solicitor will your conveyancing solicitor’s job be done. With his or her help, you are ensured of a hassle-free transaction without worry that any legality would bite you back in the future.